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At Debbie, we’ve noticed BNPL becoming an increasing problem area for our users, with several reaching out asking for help.
33% of our users have BNPL transactions showing up on their linked accounts. In the last 3 months, users who used BNPL had an average of 8.5 BNPL payments per month, with average total monthly payments adding up to $282.
Typically, they are short-term loans that let you pay for a product/service in a few installments over a period of around six weeks.
To check the eligibility you will need to provide your name and Social Security number, so that the company can provide a (usually) light credit pull.
You will need to make a down payment on your product, which is typically 25% of the value, followed by remaining payments every 2 weeks.
If you repay your loan on time, it’s going to be interest free for you as a consumer. The transaction fee is covered by the retailer who has to pay around 4% to the financial institution.
Comparing to last year’s data the number of transactions towards BNPL increased 8.5 times and the dollar amount increased (shocking) 10 times!
If you have any personal stories related to Buy Now Pay Later that you wish to share, feel free to reach out to us at helpme@joindebbie.com!
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